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Nurs plans for Jupiter fund quartet

Jupiter will become the latest firm to convert its multi-manager funds to a non-Ucits retail scheme structure on July 17.

Moving to a Nurs structure will give the four Jupiter Merlin portfolios wider investment powers but the firm says these will only be used if approved by investors. Jupiter would then be able to invest up to 35 per cent in any one fund rather than 20 per cent and would be able to hold exchange traded funds.

It will not make full use of the investment powers in the short term as it wants the multi-manager funds to remain eligible as unit-linked funds for insurance company products under the FSA’s permitted fund link rules.

Spokeswoman Alicia Wyllie says: “There is potentially a slight issue with what investments life companies can make under the FSA’s rules on permitted links, such as unregulated funds. We want to reassure people that we are not going to prejudice the funds’ eligibility for life products so we will not necessarily use all the new investment powers.”

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